Shibarium Tier 2 solution from the creators of the Shiba Inu Mem Token (SHIB) has resumed withdrawals via the Ethereum bridge after a lengthy launch issue.
The mainnet of the project was deployed on August 16, but a day later Shibarium faced operational problems. As a result, according to Beosin analysts, about 1,003 ETH worth $1.8 million were stuck in the internetwork protocol.
In addition, Shibarium governance tokens — BONE — were stuck in the smart contract for an estimated amount of $762,000. For almost two weeks, not a single transaction was confirmed in the cross-chain bridge.
After the resumption of the protocol, the withdrawal of SHIB, LEASH and “wrapped” ETH became available to users. The process is expected to take between 45 minutes and 4 hours.
BONE withdrawal is also established, but transaction processing may take up to seven days.
The Shibarium developers specified that the problem was due to “the huge amount of traffic that arrived in a matter of seconds” after the network was launched. According to them, the surge in transactions created an excessive load on the servers, causing them to exceed the planned operating limits.
To solve the problem, the L2 network team turned to Polygon for help and created a fork of the protocol based on it.
“Shortly after the incident began, I called directly Sandipu Nailwaland he did not hesitate to provide additional resources to ensure the ideal outcome of the situation,” said the chief programmer of Shiba Inu under the pseudonym Shatoshi Kusama.
According to the project description, Shibarium offers fast transactions and low fees thanks to the Proof-of-Stake consensus mechanism. It provides “enhanced security” through sovereign identity.
The network uses Shiba Inu ecosystem tokens – SHIB, LEASH and BONE. The latter is chosen as a native asset for paying rewards to validators and delegates. For these purposes, 20 million BONE are reserved out of a total issue of 250 million coins.
At the time of writing, SHIB is showing signs of recovery from a 30% decline. The asset is trading at $0.00000795, according to CoinGecko. The fall of BONE has also slowed down – the rate of the coin has so far froze at around $1.25.
Recall that in March 2022, the Shiba Inu team revealed the details of launching their own metaverse based on Shibarium.
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